Axis Bank to borrow Rs 6,520.24 cr

"The board has approved borrowing of up to Rs 6,520.24 crore in one or more tranches by way of Upper Tier II Capital in Indian or Foreign currencies and or Lower Tier II Capital in the form of sub-ordinate debenture," Axis Bank said in a filing to the Bombay Stock Exchange.     

The debt issue was approved by the board at a meeting held today. Separately, Axis Bank's shareholders also approved at its AGM held today the payment of dividend at 60 per cent, at the rate of Rs 6 on shares of face value of Rs 10.     

The company said it also received the shareholders' nod for the appointment of K N Prithviraj as a Director on the bank's board and reappointment of N C Singhal, J R Varma and R B L Vaishas as directors.     

The shareholders also approved the remuneration package for its Chairman and CEO P J Nayak with effect from April 1, and a proposal to issue, offer and allot additional 79.70 lakh equity stock options convertible into equity shares to the present and future employees and whole-time Directors of the bank under the Employee Stock Option Scheme.     

Shares of Axis Bank closed at Rs 760.20, down 1.32 per cent on the BSE.